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Crown Castle International outlines FY'20 guidance with Q3 results

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Crown Castle International outlines FY'20 guidance with Q3 results

Crown Castle International Corp. reported funds from operations attributable to company stockholders for the third quarter of $622 million, or $1.49 per share, an increase of 20.2% on a per-share basis from $515 million, or $1.24 per share, in the 2018 third quarter.

For the quarter, adjusted FFO rose 11.5% from the year-ago period on a per-share basis to $646 million, or $1.55 per share, from $579 million, or $1.39 per share.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the quarter was $1.43, with four analysts reporting.

Site rental revenues for the third quarter came in at $1.26 billion, a rise of 6.4% from $1.18 billion in the comparable 2018 period.

The company forecasts FFO per share for the 2019 full year in a range of $5.66 to $5.73, while full-year AFFO is expected in a per-share range of $5.90 to $5.97, steady with its prior guidance.

For the 2020 full year, the company forecasts FFO per share in the range of $5.99 to $6.09. The company also forecasts AFFO for the full year at between $6.28 and $6.38 per share.

For 2019, the S&P Global Market Intelligence consensus FFO-per-share estimate is $5.73. For 2020, the S&P Global Market Intelligence consensus FFO-per-share estimate is $6.07.

In reporting results, the company said its board declared a quarterly cash dividend of $1.20 per common share, up 7% over its prior dividend. The dividend will be payable Dec. 31 to common stockholders of record at the close of business Dec. 13.